Aim to purchase and renovate a property for resale, with the ultimate goal of acquiring additional income-generating rentals.

I've found a few houses with these additions or conversions and when I check with the city, there were never permits so I know a lot of people just do it anyway.

Additionally, so far the economy has shown pretty strong resilience, with historically low unemployment rates.

Is it a walk out basement?

I think the stats way back to 40's have the majority of the paint manufactures using lead as an additive. 

Regarding Jonathan's point, it's crucial to evaluate the cost of these additions and calculate how long it will take to recover that investment.I'm a bit unclear about your living arrangements.

Falls into the "wadyagonnadoaboutit" category, but the fact that they are making money on the float off our properties and guests, in addition to high fees, is frustrating to say the least. 

Additionally, you will now have 3 houses (your primary and 2 rentals) that are appreciating, which is where real wealth comes from, not from the cash flow.

Additionally, If anyone would be willing to have a conversation about what they look for in CPA's and what they learned financially starting in the rental investing business I would greatly appreciate it! 

Not only will this add no additional protection, it will merely add operational costs.